Waterfront - Transient Licensed - Key West

The Coconut Mallory Condominiums are located at the far east end of the Island of Key West. They sit at the edge of Cow Key Channel and provide immediate deep water access.
There are three units left unsold. Two of the units are one bedrooms that are priced at $250,000 and $260,000. Each has a transient license and a boat slip. But the one I want to tell you about is a two bedroom two bath unit on the top floor (the building only has two floors). It occupies one-half of that floor and has the premium water view. This unit is offered at $450,000 or $400 per sq. ft. Like the other condominiums at Coconut Mallory, it has a transient license and a boat slip. It comes fully furnished and ready perhaps to turn Cow Key Channel into a cash cow for the new owner.

The listing Realtor describes Unit 201 this way:

"Boat slip & transient license! Second floor unit boasting an open floor plan with water views. Elevator access from pol area to private wrap around balcony accessed from living area and bedrooms. Recently renovated kitchen and baths. Offered fully furnished ready to move in today or start earning rental income. Dock Fees associated with the boat slip are $1,140.00 paid one time annually. Condominium Fees paid monthly include all utilities, electric, water, sewer garbage & cable along with exterior insurance and building/common area maintenance."

CLICK HERE to see the detailed listing information on this unit and to view many photos. Note the monthly maintenance fees are $795 and cover Cable, Sewer, Exterminating, Water, Trash Removal, Bldg Exterior Maintenance, Building Insurance, Common Area Maintenance.

There are many condos offered for sale right now in Key West that have transient licenses that are priced similarly to this unit. You might be able to buy a Shipyard Unit in Truman Annex with two bedrooms and one bath unit with 680 square feet for around $450,000. Shipyard is very popular with returning vacationers because of its easy walking access to everything in Old Town. The units with transient licenses have some restrictions not applicable to Coconut Mallory. The Shipyard location is a valuable asset indeed. On the other hand, you might be able to purchase a 1380 square foot unit with two bedrooms and two baths with a transient license at 1800 Atlantic. 1800 Atlantic is located directly on the ocean and has beach access, tennis courts, a huge spa, and a huge pool. Many returning vacationers prefer the 1800 Atlantic location over Old Town because of the waterfront amenities and larger sized units. Units with transient licenses at 1800 Atlantic do not have any restriction on the number of days per year a unit may be rented.

Unit No. 201 at Coconut Mallory has 1126 square feet of newly remodeled interior space and wrap around covered lanais. The living room and both bedrooms have immediate access to the lanais and this makes the interior spaces seem even larger. The are no neighbors across the courtyard or next door to watch your every move. The only "neighbor" occupies the west one-half of the floor and that unit has no view. The neighbors to the south, east, and north are open skies, some palm trees, and the waterfront where the Coconut Mallory Marina is located CLICK HERE and CLICK HERE.
This unit has a real killer view of the adults only pool just to the north. (There is another pool that does permit children. That pool is secluded and surrounded by palm trees.)

Unit 201 has a large covered parking space with easy access to the enclosed stairway or elevator. That means you do not need to get beat up by the occasional rainstorm or blistering heat when you are bringing in the groceries. There are no bowling alley long hallways or tourists to dodge on scooters zooming around the parking lot. When you are home, you are home.

The interiors were very recently tastefully renovated to provide both utility and style. The space was designed for a lot of potential use but it looks great. I recently took some interior photos. CLICK HERE, CLICK HERE,CLICK HERE,CLICK HERE,CLICK HERE.

Life is full of choices. If you want a place in Key West to make your permanent home or that you can rent out to help pay for itself, there are many options available in the mid $400,000 price range. Unit No. 201 at Coconut Mallory is one of them. Please give me, Gary Thomas, 305-766-2642 a call to schedule a showing. These units cannot be showed when they are occupied. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in beautiful Key West, Florida. If you lived here you would not need to be fretting about the coming snow storms and high heating bills.

1305 Reynolds Street - Casa Marina Area - Key West

The house at 1305 Reynolds Street was constructed in 1976. The house is a CBS with what appears to be a stucco finish. There is a bit of gingerbread on the first floor deck and second floor balcony. The house is 1697 sq ft with two bedrooms and two and one-half baths. There is a little storage building by the pool that might make a a cute pool house. The pool is fairly large and deep. It gets quite a bit of sun. Part of the rear deck is covered so you can have your sun and shade too.

The house sits on a large lot (59.75' x92') in the Casa Marina Area of Key West. This house is not all glitzy and tricked out like a lot of new places in Key West or older homes that have had recent renovations. The property is nearly hidden away behind the trees and tropical foliage. The asking price is $785,000 or $463 per sq ft. CLICK HERE to see the mls listing page and view all photos of this house and grounds.

The listing Realtor describes 1305 Reynolds Street this way:
"Very spacious 2 story home located in one of the most desirable neighborhoods in Key West - the Casa Marina. The open floor plan of this home includes an entrance foyer, very spacious living/dining room with french doors to a large covered porch, a galley style kitchen, half bath and a laundry room. Originally the second floor was three bedrooms and two baths but is currently a master bedroom with private bath and walk-in closet and a large second bedroom and hall bath. The upstairs can easily be converted to 3 bedrooms if desired. Both bedrooms open through french doors to an oversized porch. Outdoors is a tropical garden with meandering pathway and a large pool and deck plus a separate storage building. There also is covered parking."

I created a short list of comparably priced two bedroom homes with pools in the Old Town and Casa Marina areas. CLICK HERE to compare 1305 Reynolds Street to the fifteen homes on the list. If you happen to see a house you like, please call me, Gary Thomas, 305-766-2642 to schedule a showing of any of these properties.

2718 Harris Street - Bank Owned - Key West

I chose the lopsided photo of 2718 Harris Street for a reason: the property is Bank Owned and the price on this property is askew. Let me explain further.

2718 Harris Street is located just at the beginning of New Town. It is a couple of blocks directly north of Grace Lutheran Church on Flagler Boulevard I toured this house over a year ago on Realtor caravan with about 40 other Realtors. What first struck me about this house was the asking price at that time $1,899,000. That was an awful lot of money for that block and that house at that time! Once I got inside I could see all of the love and creativity that went into the remodel that the owner was just completing. I think most of us thought the house was over-built for the area and way over-priced PERIOD! As the months passed the owner progressively dropped the asking price down to $1.1 million. Then the bank foreclosed.

Take a moment and CLICK HERE to look at the photos and read the description of 2718 Harris before it became Bank Owned. Note how attractive the place looked with appliances. They are missing now. CLICK HERE to see the current mls listing info and look at the current photos. You will see the same rooms, similar views, same location, lower price, work to be done, and more money to be spent by a new owner. This is how the current listing Realtor describes the house today:

"Bank Owned awaiting a loving new owner. Take advantage of this rare opportunity to acquire a sprawling home in great New Town neighborhood. Totaling 4 bedrooms and 3 1/2 baths including a 1bd/1ba private guest suite. Gorgeous state of the art finishes throughout, overlooking custom pool situated on a spacious 9000+ sq. ft. double lot. Minimal amount of finish work required including appliance package and a few other miscellaneous details. Vacant and easy to show."

2718 Harris Street is now priced at $699,000 or $179 per sq ft. It's a big house: 3910 sq ft that sits on a really big 9164 sq ft lot. The house has 4 bedrooms and 4 baths, a great kitchen, and lots of open living space. I have included photos of neighboring houses so that you get a feeling for the area. CLICK HERE and CLICK HERE (house next door to west). There are some other larger homes in the immediate area, but most of the houses are 1960's and 1970's vintage ranches. I'm not telling you anything you can't see for yourself about this house being over built for the area. Here are some other photos I took of 2718 Harris Street this morning:
CLICK HERE, CLICK HERE and CLICK HERE.

The house at 2718 Harris Street is owned by a local bank so we ought to get a quick response on any offer. This property is vacant (YEAH!) and easy to show. If you are interested in looking at this bank owned property please call me, Gary Thomas, 305,766-2642 or contact me by email at kw1101v@aol.com. This is a house you bargain hunters just might want to take a look at.

1104 South Street - Casa Marina Area - Key West

Ernest Hemingway rented the house at 1100 South Street in 1928-1929. He completed his novel 'A Farewell to Arms' in that house. That location is just magical as you will note from the gigantic tree at the corner CLICK HERE. The new listing next door at 1104 South Street was built about 70 years after Hemingway left the neighborhood. But the enchantment of that location remains steadfast.

1104 South Street was just listed by Preferred Properties. The listing Realtor describes the one of a kind property this way:

"This dramatic & stylish home in the Casa Marina neighborhood was designed and built by a noted architect in 1999. A series of open-air, vaulted pavilions surround the very private and tropical swimming pool. Thoughtfully separated from the main house is a second floor guest suite with balcony. Over the garage, there is a licensed one bedroom apartment with two balconies overlooking the street."

The County Appraiser shows this house as having 1977 sq ft of living space that sits on a 44' x 112' lot. CLICK HERE for an aerial view. There are three bedrooms and three and one-half baths. The extraordinary master suite overlooks the gardens and pool. There is a second bedroom en suite located at the far backside of the property. The apartment or guest suite located above the garages is located at the front end of the property. The separation between the three bedrooms provides total privacy for everyone. And each living space is really, really special. This house is not for the buyer who likes cookie cutter living or who wants the Old Town quintessential cottage look. The look here to dramatic and sophisticated. The asking price is $1,875,000 or $810 per sq ft (based on the listing Realtor's statement of sq ft). CLICK HERE to read more detailed info on the house and to view the photos of this intriguing property.

I live two blocks to the south and I love this area. It is an easy walk or bike ride to the beaches or one of several gyms, Faustos Grocery on White, the Dairy Queen on United, or any number of little shops and restaurants in the Casa Marina area. Old Town is about a five minute bike ride. The airport is five to seven minutes away depending on traffic. The location is close to just about everything that is important without living right in the middle of all the commotion near Duval Street.

To see other houses in the immediate area CLICK HERE, CLICK HERE, CLICK HERE and CLICK HERE (this house is going to be in an upcoming issue of Architectural Digest).

Please call me, Gary Thomas, 305-766-2642 to schedule a showing of 1104 South Street in the Casa Marina Area of Key West, Florida. I am a full time Realtor at Preferred Properties Coastal Realty Inc. Our office is an affiliate of Christie's Great Estates.

Conch Harbor Boatslips - Key West - Priced to Sell!

One of the interesting things about Key West real estate is the continued development of boat slips in the Key West area. The Historic Seaport "Conch Harbor" was re-vitalized a few years back and it looks great. It has great new facilities including pool, showers, restaurants, and businesses that meet the needs of boaters.

CLICK HERE to read what the listing Realtor has to say about Boat slip No. 12 at Conch Harbor Marina that was JUST LISTED and PRICED TO SELL at $325,000. This is a 45' slip. It is part of an association whose monthly fee of $553.82 includes electric, water, and cable. Owners have full use of the facilities at the Conch Harbor Marina including showers, pool, restaurants, and other fun stuff. Taxes are presently $3150.43.

There are two other new boat slip listings.

Boat slip No. 15 CLICK HERE is a 50' slip and it is offered at $399,000. The monthly condo fee of $714.56 includes electric, water and cable. Current taxes on this slip are $3150.43.


Boat slip No. 21 CLICK HERE is a 60' slip. It is offered at $499,000. The monthly condo fee of $964.80 includes electric, water and cable. The current taxes on this slip are $4201.00. This slip is located at near the outside entrance to the marina for easy entry.

I took some photos of the area this morning before the birds woke up. This place is so quiet right now. Wait till Fantasy Fest in October and the boat races in November. This place will be a madhouse of activity very shortly. CLICK HERE to see the photos.

CLICK HERE to do your own personal search of Key West Association of Realtors mls database. If you see a property you like, whether it is a boat slip, a little Key West Cottage or a big old house, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.

524 White Street - Old Town - Short Sale - Key West

I wrote about 524 White Street a couple of months ago. It is a Short Sale. It is located in Old Town on a somewhat busy street and it is located across the street from Navy housing. The street does get busy during the daytime but it is pretty quiet after sunset-just like most of the rest of Old Town Key West.

524 White Street (CLICK HERE to see the mls info and listing realtor photos)is a modified two story with dormers. It is offered as a short sale at the new asking price of $499,000 or $295 per sq. ft. for this 1690 sq ft home that sits on a good sized 2997 sq. ft. lot. The downstairs has been remodeled and it is just great. There is a semi-formal entry that looks into the living room and then the dining area followed by the delightful kitchen at the rear. This kitchen is a killer! CLICK HERE to view lots of photos I took.

There is a guest room or third bedroom on the main floor as well as a fully remodeled bath. Upstairs there are two very large bedrooms that share a large bathroom. The second floor landing is quite large as well. The entire second floor has a very open feeling about it. Nothing claustrophobic like so many older homes.

Outside there is a "pool". Ha! It could be made bigger. But for the asking price, it is still a pool and it is surrounded by a nice deck. It does get real sunshine unlike a lot of Old Town properties. And then there is the bricked off-street parking space as well. This property is rented. The tenant requires at least 24 hour advance notice to view the property.

If you are looking for a livable house with two or three bedrooms, a pool, and parking in Old Town, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in sunny Key West, Florida.

810 Carey Lane - Old Town - Key West

Just Listed, but not by me, 810 Carey Lane in Old Town Key West, Florida. CLICK HERE to see this precious two bedroom two bath home located on arguably the quietest little slow lane in Key West.
This is how the listing Realtor describes 810 Carey Lane:

"Perfect! Beautifully remodeled cottage on a quiet Old Town Lane with pool and parking. The master bedroom and living room open to a deck, pool and covered dining area. A third bedroom space can be easily created by closing a set of pocket doors in the guest bedroom. The kitchen is a cook's delight with lots of open space, convenient island work space, wolf gas stove, and more. This property has been well cared for and is easy to show."

I have written about Carey Lane before. It is just the dreamiest of the lanes in Old Town. The lane is only one block long and is accessed at Margaret Street across from the north entrance to the Key West Cemetery. The lane is narrow and is enveloped in lush foliage and flowering trees. All of the little houses have white picket fences. There aren't any straggler houses here to bring property values down. Each of the houses is perfect in its own right. The location looks like some Hollywood set designer created it.

The house is a bit deceptive because what looks from the lane to be the "front" door is actually a door off the front bedroom. The front porch as an old fashioned swing hanging from the ceiling where you can sit and watch absolutely nothing go by except maybe the clouds.

The real entry is just off the bricked parking space through the beautiful kitchen located in a sawtooth addition at the back. That gives you a vaulted ceiling and lots of volume and a real spacious feeling. That kitchen is just the bees knees. The front bedroom has an adjacent sitting area. But the neatest feature is the loft above with a ladder hanging from a rope that permits occasional entry. When I first saw that space I immediately thought "FORT". What kid doesn't want a fort.

The rear bedroom has French doors that open onto the secluded pool. The living room shares the rest of the rear side of the house which is a second sawtooth addition to the main house. There is a little outdoor kitchenette or whatever you might call it. The area is very private and the only things you see are the blue skies and neighboring trees. Lots of sunshine in this place.

810 Carey Lane is offered at $1,150,000 or $799 per sq ft. Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to arrange a showing of this special house.

Bank Owned Homes - Flagler Avenue - Key West

Flagler Avenue is a major street in Key West that brings traffic onto the island and past homes, multi-family properties, and a few strip malls. It abruptly ends at the posh Casa Marina Resort. It is like big feeder streets located across the country. Every town has own. Most people don't want to live on feeder streets like Flagler Avenue. As a result prices are usually lower because of the address itself and not because of any necessary deficiency with the property. Listed below are two bank owned single family homes that might make a good buying opportunity.

2918 Flagler Avenue is a 3 bedroom 1 bath house with 1309 sq ft of living space plus a separate building out back by the pool. The lot is very large - 6360 sq ft. Someone bought this house in June 2006 and paid $800,000. It is now Bank Owned and is offered at $335,000 or $256 per sq ft. CLICK HERE to read what the listing Realtor says about this house and view PHOTOS. I showed this a couple of months ago. It went under contract soon thereafter and just went back on the market. 2918 Flagler is the poster child for bank owned homes. It smelled and it looks terrible. It needs cleaned and painted. It needs some landscaping.

A mile to the east you will find 3814 Flagler Avenue which is also Bank Owned. This 5 bedroom 3 bath home with a beautiful poo, two car garage and 3109 sq. ft of living space on a gigantic 14,175 sq ft lot on the water is offered at $950,000 or $306 per sq ft. CLICK HERE to read more detailed information and view PHOTOS of this house. This is how the listing Realtor describes this property:

"Great opportunity to own a significant waterfront property on a canal in Key West. This 5 bedroom, 3 bathroom home has 3,109 square feet of living space and sits on a oversized 14175 square foot lot with a large pool. A few of the amenities include a two car garage, gorgeous tile floors, new roof, seawall, fireplace and plenty of storage. Bank owned."

CLICK HERE to see an aerial photo of 3814 Flagler Avenue. It is the pink colored property numbered 78160 at the far right side of Vista Del Mar highlighted in yellow. The property provides immediate deep water access. There is a giant pool and off street parking. So what if the roof is shaped a little funny. We all had funny hair in the 1970s when this house was built.

Please call me, Gary Thomas, 305-766-2642 to see either of these Bank Owned properties. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in beautiful Key West, Florida. Let me help you find your place in Paradise.

Some Recent Key West Real Estate Sales of Note!

There were a few sales earlier this week that are worth mentioning. I'll tell you why that is so at the end of this blog entry.

1513 Pine Street The Meadows CLICK HERE sold for $925,000 or $484 per sq ft. This is the first of eight units in The Meadows to close. Preferred Properties is now the listing broker for the units now on the market. The remaining units are priced between $925,000 and $975,000.

503 Noah Lane in Truman Annex CLICK HERE was listed by Preferred Properties at $2,695,000 and sold at $2,325.000 or $668 per sq ft. This elegant property was listed listed in February 2005 for $3,800,000 or $1,232,000 per sq ft. Do the math!

The sale at 503 Noah Lane is interesting because a nearby house at 522 Emma Street CLICK HERE was just listed as a short sale for $2,100,000 or $681 per sq. ft. An even larger and much more expensive house down the road a bit is in foreclosure and is listed for sale, but it is not offered as a short sale.

The Beach Club Condominiums at 1500 Atlantic Boulevard has been one of the best addresses in Key West because each unit fronts directly onto the Atlantic Ocean. The sagging economy resulted in several units to be put up for sale and just sat there for months and months. Preferred Properties represented the buyer in the purchase of a luxury unit that closed this week CLICK HERE for $1,550,000 or $719 per sq ft. Interestingly, another unit (which was offered in 2007 for $2,395,000) was just reduced a couple of days ago to $1,900,000 or $826 per sq ft.

I wrote about 31 Seaside South several months ago when it was offered as a short sale for the asking price of $985,000. As the market declined, the asking price followed suit. This unit is the first re-sale in the complex and also the first short sale there. It sold for $599,000 or $313 per sq ft.CLICK HERE 31 Seaside South was beautifully appointed There are at least seven similarly sized units also on the market today. One of those is bank owned and six are short sales. This is just my opinion, but the units currently on the market cannot compare to the pizazz 31 Seaside South offered. Five of the units have Formica counter tops in the bathrooms. One place has the nastiest blue walls and smelly carpets you have ever seen. Another unit has a bad mold problem that somebody better fix.

101 Front Street Unit #18 CLICK HERE was listed at $695,000 and sold for $600,000 or $545 per sq ft. This three story unit is located in the Foundry Town homes in Truman Annex. It has a special transient rental license. Two similar units (both short sales) are under contract. One unit not listed as a short sale is offered at $669,000 and it also has a transient license.

According to the National Association of Realtors (NAR) "August 21, 2009 - For the first time in five years, existing-home sales have increased for four months in a row, and the monthly increase is the largest in 23 years." CLICK HERE to read the entire article. Lawrence Yun, chief economist for the NAR, was quoted as saying “Because price-to-income ratios have fallen below historical trends, there are more all-cash offers. In some recovering markets like San Diego, Las Vegas, Phoenix, and Orlando, the demand for foreclosed and lower priced homes has spiked, and a lack of inventory is becoming a common complaint.”

The summer is always the worst time to sell property in Key West. But we had a robust market this summer. And guess what, the people who were saying they wouldn't buy in Key West because we had a glut of houses are now complaining that there is no inventory. I really don't think those talkers were buyers. They were right about the glut. But a lot of the glut is under contract. Some of the houses, condos, and townhomes in the "contingent" or under contract category will not close either because the lender will not accept the price offered or the buyer gets tired of waiting and goes away. But many will and when they do close, the inventory will shrink even more.

You can make of the sales I cited what you will. I think the recent sales show that our market has corrected itself from the excesses of a few years ago (of course there are exceptions). I think the new listing in Truman Annex and dramatic price reduction at The Beach Club unit I cited are further evidence of my assertion.

There are homes, condos, and townhomes in all price ranges. If you wait until it is too late, you will have waited too long. You will have missed the opportunity a second time. Remember what Mr. Yu said about the demand for foreclosed properties and lower priced homes spiking sales that has now created a lack of inventory.

Did you notice the photo of an airplane approaching Key West at night? I'll bet you and I get that same feeling of excitement every time we first spot that little island I call home and you dream of making your home - someday. I've done lots of flying and I have been lots of places. There is no place like home and there is no feeling like landing in Key West and getting out of that small little place and smelling our island air. It doesn't get any better than that.

If you are looking to purchase a place in Paradise, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc.

27 Coral Way - Bank Owned - Condo - Key West

I used to tell people there was no such thing as a foreclosure in Key West. That was until a couple of years ago. Times change.

Just listed, but not by me, 27 Coral Way (Unit #14) at the Corral Hammock in Key West, Florida. This unit is Bank Owned and priced to sell at $293,500 or $211 per sq ft. CLICK HERE to read the detailed listing information and view several photos of the unit and the grounds.
This is how the listing Realtor describes this unit:

"Bank Foreclosure, priced to sell. This spacious 3Br/3Bth Townhome is in move in condition. This unit looks barely lived in. Coral Hammock Development has a total of only 56 units, a beautiful free form pool, tropically landscaped grounds, club house, gym, and in-house management. It is within bicycling distance to restaurants, marinas and the only golf course in the Lower Florida Keys. The Island City of Key West is just over one bridge, about 1 mile away. Although the units do not need a Transient License for vacation rentals, they can be rented transiently due to having on-sight management, a BIG plus. Come enjoy the Fabulous Florida Keys, in a modern, Conch style townhome. Make this your primary or second home. The price is right!"

I don't do property management, but our company does. Our office does not rent this or any other property at Coral Hammock that I am aware of. I always tell potential buyers that want to rent their future house or condo to select a good property manager. I tell them to checkout the website for graphics, content, ease of booking, etc. Management fees and management duties are up there, too. I suggest that my buyers stick with a current property manager if that company has a successful track record with the particular property. After all most second home buyers that purchase a rental property are relying on some third party to keep the place rented and throw off enough money to help amortize the mortgage.

I did a quick Google search and found all kinds of interesting information on Coral Hammock including this website CLICK HERE. Again, I am not involved in any management. But if you look at that website you may not see Bank Owned written on the buildings. Instead, you see some places that look pretty appealing.

I looked on Trip Advisor and there were some unhappy campers who complained. But there was this other "writer" who said "We enjoyed our stay and our condo and would love to return to Key West anytime..."

This Bank Owned unit backs onto U.S.1. You gotta know that. That is part of the reason this 1392 sq ft town home is priced at only $293,500. The pool is just beautiful. This place will surprise you.

If you are dreaming of owning a place in Key West and are interested in this property or any other property, please consider working with me, Gary Thomas, Realtor to the Dreamers. I am a full time Realtor at Preferred Properties Coastal Realty in Key West. Contact me at 305-766-2642 or email me at kw1101v@aol.com.